4 Pitfalls of Managing Your Own Rental Properties
There are pitfalls of managing your own rental. Have you ever gone to the property only to find that your new prospective tenant did not show up? What a waste of time, managing your own rental can be! We are here to help you handle situations just like that.
1. Screening new tenants
Finding, screening and approving new and qualified tenants can be a difficult task. It involves advertising, phone calls and lots of questions. Sometimes things go wrong, especially when you’ve gone to the trouble of setting up appointments yourself.
Even when you do get an application to rent, there’s the inevitable series of phone calls while you check references. How do you really know if they are credit-worthy? By using a professional Property Manager such as RE/MAX of Nanaimo Property Management, you can be assured that our thorough screening process will include full credit checks, landlord and character reference checks, and employment/income will be verified.
2. Follow up on rent payments
At RE/MAX of Nanaimo Property Management, we begin our “follow up” calls on the 2nd of each month. If rent isn’t paid on the first, we initiate the call to the tenant to find out when they’ll be paying, and why they are late. If it’s a one-off, with a reasonable explanation for the delay, we may allow a few days grace.
If we have a difficult tenant with a history of late payments, we’ll let them know that if we don’t have the rent that day, they’ll be receiving a 10 Day Notice to End Tenancy for Non-Payment of Rent. That way, you – the Landlord – are protected and we can quickly proceed to the next legal step if the rent remains outstanding. Our goal is 100% rent paid and we take the appropriate steps to achieve this goal.
3. Emergency response 24 hours
Who do you call in the middle of the night when the hot water tank bursts? These types of emergencies never seem to happen during business hours – it’s always at the most inopportune time. And who do you call at 3 a.m.? With RE/MAX of Nanaimo Property Management, you can sleep easy knowing we have a large network of service providers, contractors and handymen capable of dealing with any emergency that might pop up, no matter what time of day or night. Our Property Managers are on call 24/7 to take care of any emergencies that arise, including on evenings, weekends and holidays.
You need to do some repairs and don’t know if you’re getting a good price from the guy you called from the Yellow Pages. Our extensive network of contractors and service providers allows us to ensure we get the best price from a reliable source, the best available schedule for the repairs, and the best quality of repair that we can.
Pitfalls of Managing Your Own Rental
At RE/MAX of Nanaimo Property Management, our goal is to make sure your investment property is well maintained at all times, while using the best contractors and getting the most value for your money. As we will be spending your money, we will always discuss the scope of any major work and costs with you before proceeding.
Putting your investment property in the hands of our experienced property management team will give you peace of mind and the freedom to live your life without worry. That sounds much better than managing your own rental!
Call RE/MAX of Nanaimo Property Management today for a free consultation. [su_divider]
Call (250) 585-9445